03.07.2023 13:57
Country's trade gap grows to $61.4B in January June, preliminary data shows.
Türkiye's exports dropped by 1.8% year-on-year to $123.4 billion in the first half of 2023, according to preliminary Trade Ministry estimates released on Monday.
Whereas Turkish imports rose 4.3% from a year earlier to $184.8 billion in January-June.
The country's foreign trade gap reached $61.4 billion in the first half, up 19.1% from the same period last year.
Türkiye's motor vehicle exports totaled $15.1 billion, surging 16.4% from last year, while non-electrical machinery exports rose 15.6% to $12.5 billion, the ministry said in a statement.
The other major sector that stood out in Turkish imports last month was electrical machinery, which totaled $7.5 billion, a 14.7% hike.
Germany continued to be the main recipient of Turkish exports with $10.7 billion from January to June, followed by the US with $7.4 billion, Italy with $6.2 billion, the UK with $5.9 billion, and Russia with $5.8 billion.
The country's largest inbound shipments were from Russia with $24.8 billion over the six-month period.
China was the second-largest exporter to Türkiye in January-June, with $22.3 billion, followed by Germany with $13.4 billion, Switzerland with $11.8 billion, and the US with $7.6 billion.
Monthly figures
In June, Türkiye's overseas shipments plunged 10.5% from the prior year to $10.5 billion.
Imports also tumbled by 16.8% to a 20-month low of $26.3 billion in the same period. As a result, the country's trade deficit narrowed by 34.5% to $5.4 billion.
The export-import coverage ratio increased 5.6 percentage points year-on-year to 79.5% in June.
The country's energy import bill plummeted 45.3% annually to $4.4 billion in June, thanks to a decline in energy prices. However, its gold purchases jumped by 62.5% to $2 billion.
Germany, Türkiye's top export market, received $1.78 billion worth of Turkish goods in June, followed by the US with $1.33 billion, the UK and Italy with $1 billion each, and Iraq with $987 million.
On the other hand, China was the main source of Turkish imports with $3.8 billion, followed by Russia with $2.98 billion, Germany with $2.1 billion, Switzerland with $1.35 billion, and the US with $1.12 billion. -